• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
More Group logo

More Group

  • Home
  • Your partner
  • Who we partner with
    • Business
    • Corporate
    • Private Client
    • Compliance
  • Who we are
  • Our expertise
    • English
    • العربية
    • Русский
    • 中文
  • Get in touch

HOW WE
CAN HELP

Statutory Accounts

Statutory accounts, also known as annual accounts provide shareholders with an insight into businesses performance. They are also required by the Companies House and HMRC to keep your business records up to date.

Many businesses must complete these accounts which are based on financial records at the end of the financial year.

Who needs to produce statutory accounts?

All businesses must submit an annual financial account to Companies House. The complexity of this account will depend on the size of the business, and smaller businesses can complete less extensive accounts.

Small Companies

Small companies do not need to complete full statutory accounts and instead can send simpler abridged accounts to Companies House.

Companies are classified as small if they can satisfy two of the following:

  • A turnover of £10.2 million or less
  • £5.1 million or less on its balance sheet
  • 50 employees or less

Micro-Entities

Micro-entities run reduced operations compared to a small business.

A company is classified as a micro entity if it can satisfy two of the following:

  • A turnover of £632,000 or less
  • A balance sheet with £316,000 or less
  • 10 employees or less

If your company is a micro entity, you will be entitled to the same exemptions as for small companies and will prepare basic accounts and a balance sheet with less information.

Although these accounts are simplified it doesn’t make the task of composing them an easy one. For people who are unfamiliar with financial accounting, this process can be daunting.

We offer support to smaller businesses to ensure their annual accounts are just as accurate and professional as those submitted by larger corporations.

Our clients can feel confident about their financial records, without feeling fear-full about unforeseen costs (e.g. penalties) which could devastate a small entity.

Smaller companies can:

  • Complete simpler abridged accounts
  • Choose whether to include a director’s report
  • Choose whether to include a profit and loss account
  • Exempt their company accounts from being audited

The following are included within statutory accounts:

  • A balance sheet (showing the value of company assets on the last day of the financial year)
  • A profit and loss account (includes sales, costs and profit/loss)
  • Notes about the accountants
  • A directors’ report (micro entities are exempt)
  • If your company has audits the auditors’ reports must also be included.

Statutory accounts must adhere to either of the following standards:

  • International Financial Reporting Standards
  • The new UK Generally Accepted Accounting Practice (GAAP)

More Group has years of experience dealing with statutory accounts. We are knowledgeable about the standards framework and will use this proficiency to ensure your statutory compliance.

Risks involved with inaccurate statutory accounts

In recent years, changes in the UK GAPP have increased the risk of submitting incorrect accounts.

A late submission could set your company back by up to £1,500 depending on the length of delay.

In addition to penalties, mismanaged statutory accounts could result in your business overpaying tax or losing some credit rating.

Working with a professional accountant, such as More Group, will mitigate these risks and maximise your business’s profitability.

How we can help you

More Group can assist businesses of all sizes in completing annual statutory accounts.

We know how valuable our clients time is, so we are proud of how efficient we are when we take care of their financial accounting.

Our experts can ensure your statutory reports will be completed accurately, so you can feel confident your company finances will run smoothly.

Contact us for professional advice on your business’s accounting needs.

Need help preparing statutory accounts?

Discuss your needs in detail with our Certified Accountants today!

Call us on +44 (0)20 7648 8950 
Get in touch
  • Share on Twitter Share on Twitter
  • Share on Facebook Share on Facebook
  • Share on LinkedIn Share on LinkedIn
  • Share via Email Share via Email

Sidebar

More

  • Learn about the VAT implementation in UAE and how it may affect you
  • Learn how to get good feedback and trust for your business
  • Learn how Technology advancements have affected the economy, businesses as well as individuals
  • UK’s implementation of Fourth Anti-Money Laundering directive causes notable changes to PSC regime
  • Learn about the pros and cons of Cryptocurrencies

Get in touch

You can call us on +44 (0)20 7648 8950 or fill in the contact form and one of our team will get back to you as soon as possible. 

"*" indicates required fields

Name*
Consent*
*
Clicking this link confirms your express consent to receive More Group and associated businesses communications. These communications consist of follow up correspondence to your enquiry and corporate information. You may withdraw your consent by unsubscribing at any time.
  • LinkedIn

Home     Your partner     Who we partner with     Who we are      Our expertise     Locations     Partnership Network

© 2023 More Group (Accounting) Limited. All Rights Reserved   Terms and Conditions   Privacy Policy   Cookies Policy

Offices in UK (Head Office), Ireland, UAE and USA. Associated businesses in Andorra, Cyprus and Switzerland. Registered UK Office: More Group (Accounting) Limited, 65 Compton Street, London, EC1V 0BN Registered in UK & Wales with Company Number: 08282882 Directors: M.Conroy FCCA ACA Chartered Tax Adviser FFA FFTA and D.Mould FCCA FAIA CMgr MCMI Registered Ireland Office: Distillery Buildings, Lauragh IDA, Bandon, Co. Cork More Group is the registered business name (no. 535859) of Moretogether (Ireland) Limited, Registered in Ireland with Company Number 5503860 Directors: M.Conroy FCCA ACA CTA FFA FFTA (British/Irish), D. Mould FCCA FAIA CMgr MCMI (British) and Ruairi Laughlin-McCann BSc MA CG (Irish).

Return to top

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT